Here's my guess for the next towny-
Vested requirements will change
PTO carryover eliminated (promise of this being temporary measure)
Matching reduced to "industry standards" 2-3%
No Bonus for FY17
Merit will be given to "lighten the mood as a sincere gratitude of everyone's hard work in this challenging marketplace" however it will max at 2%
Business Unit/functional team "right-sizing" underway - no significant details given
The match is at risk, and you will hear that the new match is comparable with most companies.
My first guess would be the 401k vesting but not the match portion. The match portion is a good selling feature to get you to come work for them and they know it but if they vest 100% say after 3 years then when the let people go or they quit or get fired all that invested cash comes back to Follett.
That's what is wrong with America today. The wrong people get rewarded. What good has this senior leadership brought to the table? I like the part where RG says we are going to make mistakes. RG...,I make a mistake...it costs me my job..,,you make mistakes...it costs me my job. Shouldn't your mistakes cost you your job?
Those top three are likely. RG even indicated that he may reinstate them later if financial performance allows. Senior leaders at Follett get a SORP (senior officer retirement plan) that is entirely funded by the company kind of like a pension.
Top 3 guesses:
401k match
Number of PTO days awarded
Percent of insurance cost covered by company
Targeting older employees with many years of experience to the company is harsh. Finding work after 50 isn't easy, fun and it generally means a significant pay cut.
I've seen other companies eliminate 401k match then reinstate it a year or two later.
How about laying off a valued associate over 50 who now can't save for retirement? THATS HARSH.
doubt its 401k. hurting someones ability to save for retirement when the company is still making millions would be way too harsh
No more bonuses and 401k match will be eliminated. What else is left?
My guess at some point is 100% 401k match. Probably reduced to 50%.